As I was suggesting in my morning post yesterday SPX tested the daily middle band and found support there. As long that support holds (daily close basis) then I’m still looking for a touch of rising wedge resistance on the chart below and that is currently in the 2130 area. SPX daily chart:
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The market yesterday closed down again and reached a (more serious) intraday low of 2085.25. Is the correction over? Maybe. It has for sure entered the ~2097-2040 DAILY range that we originally indicated as “buyable” for short-term swing traders. If you are a long-term holder and you did not buy some weeks ago in the ~1970 area, this is an area where you may have started to consider buying again, it’s better than buying at the previous peak at ~2110, although of course is not such a great buy as it was a few weeks ago, but these WEEKLY+MONTHLY LONG setups don’t come up every few days as their time period is longer and they need more time to manifest.
Be aware that the market may correct further, as this is a WEEKLY correction in the end, it started last week and so far is continuing into this week, so if you go LONG be prepared to distribute your allocation across several levels in the area indicated.